The Debt Management Office (DMO), on behalf of the Federal Government has announced the offer for subscription of the September 2021 Federal Government Savings Bond to investors.
This disclosure is contained in a circular issued by the DMO, and can be seen on its website noting that there are 2-year and 3-year savings bonds.
A breakdown of the bonds shows that the 2-year FGN savings bond will be due on September 15, 2023, at 7.915% per annum and the 3-year FGN Savings Bond which will be due on September 15, 2024, at 8.915% per annum.
A month on-month comparison shows that the rates for the two tranches are lower compared to 8.864% and 9.864% offered for the 2-year FGN savings bond due August 11, 2023 and 3-year FGN Savings bond due August 11, 2024 respectively.
According to the disclosure, the security is backed by the full faith and credit of the Federal Government of Nigeria and charged upon the general assets of Nigeria.
It also qualifies as Government securities within the meaning of Company Income Tax Act (“CITA”) and Personal Income Tax Act (“PITA”) for Tax Exemption for Pension Funds, amongst other investors.
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